It is reported that at least 60% of cyber-attacks in financial institutions are attributed to privileged users, third-party partners, or malicious employees. This occasionally happens through employee negligence, or when an employee has malicious intentions, leading them to commit deliberate sabotage. The threats have become hard to control since these types of threat factors normally use authorized information and are considered safe when accessing the organizational network. Banks and other financial institutions are considered one of the top targets and have lead to the loss of billions of customers’ records over the past few years. According to a 2018 Cost of Insider Threats: Global Organizations report, “a malicious insider threat can cost an organization $2.8M per year, or an average of $604,092 per incident.” Verizon’s breakdown was that 77% of internal breaches were deemed to be by employees, 11% by external factors only, 3% were from partners, and 8% involved in some kind of internal-external collusion which makes them hard to categorize. An annual DBIR report states that since 2010, internal attackers account for almost one in five successful breaches.READ MORE

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